Bitcoin ETFs See $667.4 Million Inflows as Basis Trade Gains Popularity
U.S.-listed spot bitcoin ETFs saw $667.4 million in net inflows on May 19, marking the highest single-day total since May 2 and reflecting renewed institutional interest.
- $306 million of the inflows went to iShares Bitcoin Trust (IBIT), totaling $45.9 billion in net inflows.
- Bitcoin traded above $100,000 for 11 consecutive days, boosting market confidence.
- The annualized basis trade strategy offers yields nearing 9%, nearly double April's figures, prompting increased trading activity on CME futures.
- CME futures volumes reached $8.4 billion (around 80,000 BTC), the highest since April 23, with open interest at 158,000 BTC, up over 30,000 BTC from April lows.
- Despite growth, both futures volume and open interest remain below levels seen during bitcoin's peak of $109,000 in January.
- Recent 13F filings indicate the Wisconsin State Pension Board exited its ETF position in Q1 but may have re-entered in Q2 due to an improved arbitrage opportunity.